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Senate Bill 0422


 

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Senate Bill 0422

ARCHIVE (2003)

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DIGEST OF SB422 (Updated April 22, 2003 2:29 PM - DI 84)

Tax provisions. Corrects internal references. Separates the provisions related to the making of estimated payments for adjusted gross income tax from the provisions related to the making of estimated payments for the payment of utility receipts tax. Exempts any part of a lottery prize won before July 1, 2002, but paid after July 1, 2002, from adjusted gross income tax. Adjusts the method of calculating the utility receipts tax for a taxpayer with a taxable year that is not a calendar year. Extends the enterprise zone employee deduction from adjusted gross income tax to employees of pass through entities located in an enterprise zone. Requires a taxpayer with a taxable year that is not a calendar year to file a final return for the taxpayer's liability under the supplemental net income tax or the gross income tax by the fifteenth day of the fourth month after the close of the taxpayer's regular taxable year. Provides a method for calculating gross income tax due on the taxpayer's final return. Changes the method of calculating the tax due. Specifies that a credit against adjusted gross income tax for gross income tax paid for the year 2002 applies to adjusted gross income tax returns filed for any part of a taxable year that includes the year 2002.
    Current Status:
     Law Enacted
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